In a note to clients on Friday, Citi analysts issued a 30-day downside forecast for Atlassian (NASDAQ:) shares. The investment bank said it views the company’s analyst day as a potential downside catalyst.
According to Citi, TEAM risks disappointing the current medium-term cloud growth and OPM’s expectations.
“Street Cloud’s expectations appear optimistic (especially as a starting point) when compared to current cloud organic growth trends of <30%, near-term seat expansion is unlikely to improve as questionable macro fundamentals persist and the impact of server migration wanes,” writes analyst. bank.
Analysts believe OPM’s expansion momentum could also be contained as the removal of cloud adoption ‘blockers’ and enterprise-class GTM scaling warrants additional investment, with “TEAM conceivably able to leverage the ‘license to invest’ amid OPM’s recent growth.” and the investment cycle.”
Overall, Citi said these underperforming performances from Street View will likely put downward pressure on TEAM shares in the near term.